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IN BRIEF: Gemfields shares rise after "decidedly healthy" ruby auction

6th Dec 2023 13:12

Gemfields Group Ltd - gemstones producer in Mozambique and Zambia and owner of luxury brand Faberge - Generates revenue of USD69.5 million from its ruby auction, down 14% from USD80.4 million in June. The latest ruby sale was held during November 20 to December 5. Compared to 2022, ruby revenue was up 4.0% from USD66.8 million at an auction that took place on November 21 to December 8. The auction lots this month were made available in Bangkok for private, in-person viewings by customers.

"We've seen ruby prices at our auctions go from strength to strength in recent years and our final auction of 2023 has further endorsed that trend. This auction has shown that the demand and pricing for rough rubies is decidedly healthy," Gemfields Managing Director Adrian Banks says. Gemfields says its total auction revenue for 2023 stands at USD242 million, the second highest in its history.

Current London stock price: 12.98 pence, up 1.8% on Wednesday afternoon

12-month change: down 29%

Johannesburg stock price: ZAR3.05, up 1.7%

12-month change: down 19%

By Artwell Dlamini, Alliance News reporter

Comments and questions to [email protected]

Copyright 2023 Alliance News Ltd. All Rights Reserved.

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